Loans company Cattles has announced a series of steps aimed at reducing costs and reshaping the group, including a cut in new lending and a number of redundancies.
The firm - which provides credit to people rejected by the mainstream lenders -expects new business volumes in its Welcome Finance brand to be down 75% this year compared to 2008. Last year's figures were already down on total 2007 lending. Consultation has begun with employees about a reduction of around 1000 jobs within the group. This includes a proposal to close the group's operation in Hull which currently employs 400 people. In addition to job reductions and the suspension of dividend payments, the firm said a range of other cost saving measures will be adopted to conserve further ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
